The government is currently consulting on various options to simplify non-financial reporting rules indicating consideration of the appropriateness of the current company thresholds.
The Department for Business and Trade (DBT) and Financial Reporting Council (FRC) are currently reviewing the non-financial reporting requirements for UK companies in their annual report. The review is to identify if the current framework is fit for purpose and if the preparation and filing of accounts with Companies House and the current company size thresholds are still appropriate.
In the past additional reporting requirements have been added to increase transparency and accountability for shareholders. However, this has resulted in increased complexity and size of annual reports as well as the information companies must include on their websites and dedicated portals.
This consultation aims to identify whether this additional required information is useful and how difficult it is for businesses to comply with the current requirements. This consultation will close on 16th August.
If you would like to comment on the consultation please find the relevant link below
Craig Burton
Partner, Sheffield
Free initial meeting
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